GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Sethi also preaches mundane, understandable strategies based in psychology to build wealth.
The top ways to grow your wealth are really simple, almost deceptively so, Sethitold CNBC.
And they seem boring, but they are the ones that actually work.
Here are fivemistakes young people make that prevent them from growing their wealth.
However, many young individuals believe they have all the time in the world to save and invest.
Time is on your side, said Sethi.
When youre young, it feels like $100 a month wouldnt add up to that much.
But when you execute the math, its quite powerful.
Its important to start investing as soon as possible and maintain consistency over time when youre young.
You dont want procrastination hurting your chance to use compound interest to your advantage.
asked Sethi in a YouTubeplaybook video.
Many people focus on reducing expenses without considering how to increase their income.
If you want to build wealth, you have to pay off your debts.
However, Sethi suggests you should start to invest at the same time.
This is part math and part psychology, noted Sethi.
But psychologically, its important to do both because you are building the habit.
Selling Side Hustles Short
Building wealth is easier if you have extra money to invest.
Thats not how it works.
You have to find the idea.
Then, you have to actually start it and stay motivated.
Sethi is categorically cautious when talking about crypto.
Its just a matter of time, he warned,according to Business Insider.
More From GOBankingRates
Share This Article:
